INTERNATIONAL - The head of Nokia’s software business Bhaskar Gorti defended the Finnish mobile network maker on Wednesday against market fears that it is lagging behind its peers Ericsson and Huawei in 5G development.
“I don’t think we have a 5G problem,” Gorti told Reuters in an interview, calling its development a marathon where a lot of focus had been put on the first ten minutes of the race.
Last month Nokia cut its outlook for this year and next because of the need to step up its investments in 5G - news that knocked a third off its share price.
It also suspended dividend payments to conserve cash and pledged to hurry up the introduction of new 5G chipsets.
That was in sharp contrast to Sweden’s Ericsson, which had lifted its market forecast for this year and its sales target for 2020 just a week earlier.